UK: APB publishes revised editions of ES1 and ES5

Earlier this year the Auditing Practices Board sought views on a couple of amendments to Ethical Standards 1 and 5: see here (pdf). The APB announced last week that it would be making the proposed amendments and published revised copies of ES1 (here, pdf) and ES5 (here, pdf). A copy of the APB's feedback statement is available here (pdf) and the responses received are available here.

As a result of the changes, the transitional arrangement for tax services provided on a contingency fee basis where contracts were entered prior to 31 December 2010 will be extended to 31 December 2014. Additionally, Ethical Standard 1 will be amended to provided a simplified illustrative template for communicating information on audit and non-audit services to those charged with governance which reflects amended UK regulations on auditor remuneration disclosures.